WASHINGTON (dpa-AFX) - After failing to sustain an early move to the downside, stocks have shown a lack of direction over the course of the trading session on Friday. The major averages have spent the day bouncing back and forth across the unchanged line.
Currently, the major averages are posting modest gains. The Dow is up 75.25 points or 0.3 percent at 27,841.54, the Nasdaq is up 1.22 points or less than 0.1 percent at 8,507.43 and the S&P 500 is up 3.47 points or 0.1 percent at 3,107.01.
The early strength on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the recent pullback, although buying interest remained subdued amid lingering uncertainty about a U.S.-China trade deal.
Recent reports have suggested the signing of a phase one trade deal could be delayed until next year as U.S. and Chinese officials struggle to reach agreement on core issues.
The next round of U.S. tariffs on Chinese goods is set to take effect on December 15th, potentially complicating efforts to reach an agreement.
In remarks at Bloomberg's New Economy Forum in Beijing, Chinese President Xi Jinping said China wants to work toward a phase one agreement on the basis of mutual respect and equality but will fight back if necessary.
Xi met with former U.S. Secretary of State Henry Kissinger at the forum, reportedly describing U.S.-China relations as being at a critical juncture
'China and the United States should step up communication on strategic concerns to avoid misjudgment and enhance mutual understanding,' Xi told Kissinger, according to China's state-run Xinhua News Agency.
Meanwhile, President Donald Trump said in an interview on Fox News this morning that a trade agreement with China is 'very close' and that the two economic superpowers have a 'very good chance to make a deal.'
Traders have largely shrugged off a report from the University of Michigan showing a much bigger than expected upward revision to its reading on U.S. consumer sentiment in the month of November.
The report said the consumer sentiment index for November was upwardly revised to 96.8 from the preliminary reading of 95.7. The revised reading is well above the final October reading of 95.5.
Sector News
Most of the major sectors continue to show only modest moves in mid-day trading, contributing to the lackluster performance by the broader markets.
Steel stocks continue to see considerable strength, however, with the NYSE Arca Steel Index surging up by 2.2 percent.
Significant strength has also emerged among natural gas stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca Natural Gas Index.
On the other hand, computer hardware stocks have shown a notable move to the downside, dragging the NYSE Arca Computer Hardware Index down by 1.6 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Friday, although Chinese stocks bucked the uptrend. Japan's Nikkei 225 Index rose by 0.3 percent, while Hong Kong's Hang Seng Index climbed by 0.5 percent.
The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index surged up by 1.2 percent, the French CAC 40 Index and the German DAX Index both edged up by 0.2 percent.
In the bond market, treasuries have pulled back near the unchanged line after seeing initial strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 1.765 percent.
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